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Please help me solve this question already tried two times don't seem to know how to get it! Assume that Flounder Company uses a periodic
Please help me solve this question already tried two times don't seem to know how to get it!
Assume that Flounder Company uses a periodic inventory system and has these account balances: Purchases $476,000; Purchase Returns and Allowances $12,200; Purchase Discounts $7,800; and Freight-In $19,700. Flounder Company has beginning inventory of $66,900, ending inventory of $90,700, and net sales of $748,600. Determine the amounts to be reported for cost of goods sold and gross profit. Cost of goods sold $ Gross profit $ Step by Step Solution
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